Business gives polls a vote of confidence

Staff Reporter

Staff Reporter

Big business gave the thumbs up yesterday to the electoral process, with the SA Chamber of Commerce and Industry saying the conditions were essential "for favourable investor interest in South Africa".

Sacci and Business Unity South Africa (Busa) labelled the elections "free and fair".

Sacci said it was pleased with the conduct of Wednesday's elections. Chief executive Neran Rau said he anticipated a result that would be based on "free and fair" elections as well as on the will of the majority of South Africans.

Busa said in a statement: "Clearly the most important election since 1994 has been carefully monitored by business and the markets and Busa welcomes the fact that a definitive result is being provided by the elections."

The JSE traded in positive territory yesterday but economists said the elections, though peaceful, were not the chief drivers behind the strong markets.

The All Share Index was 2,79percent firmer when the local bourse closed yesterday, while the index of blue-chip Top 40 shares was also up 2,79percent.

The rand was slightly weaker against the greenback yesterday, but RMB currency specialist Brigid Taylor said: "There hasn't been any movement on the back of the elections. The markets had already factored in a win by the ANC and Jacob Zuma as president."